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Yesterdays drop was due to this.
https://www.bbc.co.uk/news/business-60680787
The problem is Governments in the West have penalised oil company from extracting new oil from the ground.
That's the problem we have here & that is the main reason we see oil so high.
Saying something that us PFC holders all know & should open the coal pits for 2-3 years until things get back to normal.
Can't let a bully get away with something like this. Although the Governments have some responsibility for this situation as well.
Here is a link.
https://www.bbc.co.uk/news/business-60366054
"additional investment of approximately $11tn through 2050 would be required in both oil and natural gas development to meet the world's energy demand".
Thanks for the response Ocelot. I have taken a small holding in LOOP earlier today after shadowing the share for a few months.
I am hoping that this correction is over with. Fingers crossed. I have also taken a small holding in TWD & SHG to add to my portfolio. Always small steps with new holdings.
Well I finally managed to get in at a good price after being on the side lines.
Would you recommend wouldbe investers to buy or forget it, look elsewhere?
It just looks a bit negative for someone like me looking in from the outside.